Decentralised Autonomous Organisation (DAO) BonqDAO has been at the receiving end of a smart contract exploit, which has led to around $120 million worth theft from its protocol, as reported by Cointelegraph.
According to Cointelegraph, on February 1, 2023, BonqDAO informed its Twitter followers that Bonq protocol was subjected to an oracle hack, which permitted the exploiter to manipulate the AllianceBlock (ALBT) token price.
On the basis of information by Cointelegraph, an independent analysis conducted by blockchain security firm PeckShield has revealed that loss sustained from Bonq hack consisted of $108 million from 98.65 million BEUR tokens and $11 million from 113.8 million wrapped-ALBT (wALBT) tokens.
Moreover, Cointelegraph noted that insights from multichain portfolio tracker DeBank mentioned that the exploit impacted many transactions. It is believed that the largest amount stolen was worth $82.19 million, at 6.32 pm UTC time on February 1, 2023. “Other troves remain unaffected. Bonq protocol has been paused. We’re working on a solution that will allow users to withdraw all remaining collateral without repaying BEUR in the troves. It will be released tomorrow morning CET,” BonqDAO said.
(With insights from Cointelegraph)
